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I hear a lot of professionals say the words "Due Diligence" when they talk about transactions, but does anyone really know what it means?
We will discuss how to get to the truth of the matter in buying a business.
What documents actually have real information and how to tell when the Seller is shooting you a bunch of bull.
Send questions to firstname.lastname@example.org
Purchasing a business presents many difficult issues. But foremost among them is whether or not the business that you are about to acquire is worth the price negotiated. Like checking under the hood when purchasing a car, a buyer of any business must undertake due diligence upon any business.
This month, please join Rick Bisio on the Franchise Focus podcast to learn more about the due diligence process he describes in his book, The Educated Franchisee. The show will be dedicated to explaining the step-by-step process that goes into choosing the right franchise. Please tune in to learn about the due dilligence process and get your questions answered by Rick Bisio. Rick Bisio is the author of The Educated Franchisee: The How-To Book for Choosing a Winning Franchise and The Franchisee Workbook. He also runs www.educatedfranchisee.com, an online resource for soon-to-be franchise owners to get their due dilligence process kicked off.
Due Diligence is reporting live from Charleston South Carolina, the center of the activity surrounding the race for state's First Congressional District. National attention has focused on this race for Congress that pits a scandalous ex-governor against the sister of comedian Stephen Colbert. The latest polling suggests it’s still anyone’s victory as Republicans rally to try to keep the seat and Democrats are tempted by an off-year pickup.
We talk to Republican nominee Mark Sanford, State Democratic Party chairman Jaime Harrison, Charleston County Republican Party Chairman Joe Bustos, South Carolina Congressman Jim Clyburn, Texas Congressman Jaoquin Castro and some constituents.
Chapter 1: Congress to consider term limits amendment to U.S. Constitution
Congressman Matt Salmon is in his fourth term, but that hasn’t stopped him from proposing a Constitutional amendment to impose term limits on members of Congress to just two. This follows Senator David Vitter’s similar proposal in January to the Senate. A recent Gallup poll puts favorability for Congressional term limits at 75 percent but a Constitutional Amendment requires more than a popular position even if Congress were to approve it. We talk to Phil Blumel, President of U.S. Term Limits.
Chapter 2: Public defenders seeing furloughs under sequestration
This year marks 50 since the Supreme Court gave the guarantee of legal defense regardless of one’s ability to pay for one in the decision Gideon v. Wainwright. Many more cases have been decided since then that have impacted the definition of that right, but simple economics has impacted it more than any legal precedent. In many public defenders’ offices, heavy case loads and a lack of resources mean, in practical terms, an erosion of that right. Now news that public defenders are no exception to furloughs due to sequestration cuts threatens to exacerbate the problem. We talk to Jonathan Rapping, law professor at Atlanta’s John Marshall Law School and a career public defender who founded Gideon’s Promise.
Chapter 1: Eric Holder Grilled by House Judiciary Committee Hearing AG Eric Holder spent hours answering question by members of Congress during a House Judiciary Committee oversight hearing on the Department of Justice’s subpoena of AP phone records, the IRS targeting of conservative political groups and even the FBI’s failure to stop the Boston Marathon bombing. Holder defended the DoJ’s effort to find the security leak to the AP but declared they they would fully investigate the IRS’s actions. We talk to Susan Ferrechio , Chief Congressional Correspondent, The Washington Examiner. Chapter 2: White House Pushes for Media Shield Law In response to revelations that the Department of Justice subpoenaed phone records from the Associated Press, the White House is now pushing a media shield law. Such legislation would protect journalists’ sources such as the person who leaked information about an anti-terrorism sting operation that led to the AP story. A similar bill was proposed in 2009 but it contained an exemption when national security issues are at stake. We talk to Mary-Rose Papandrea, Professor at Boston College Law where she specializes in both free speech and national security. Chapter 3: Social Media Increasingly Used as Evidence in the Courtroom Early this month, Frank Gatto, a grounds operation supervisor at JFK Int'l Airport sued United Airlines for his injury and proceeded to delete his Facebook account. A judge in that case cited Gatto for failing to preserve evidence leaving it open to discovery by the other side. What should companies, employees and any other individuals who might find themselves in litigation know about what they put out on social media? We ask Christopher C. Chiou, Partner, Jenner & Block in Los Angeles.
Chaprter 1: Unemployment Down but Economy Still Struggling
Unemployment hit a four-year low today when the U.S. Labor Department released its latest jobs report, showing a drop from 7.6 to 7.5 percent after the economy added an estimated 165,000 jobs in April. The DoL also raised the estimate for March to 138,000 new jobs from the dismal 88,000 originally reported. We speak with Tony Yezer, an economics professor at George Washington University.
Chapter 2: Close Race Between Sanford and Colbert-Busch
Former South Carolina Gov. Mark Sanford and businesswoman Elizabeth Colbert-Busch have entered the final stretch in the state’s race for the first congressional district seat with each campaign pushing voters to turn out in Tuesday’s special election. The two met in a head-to-head televised debate this past Monday where both candidates ferociously and often humorously attacking each other. We speak with Corey Hutchins, a Slate contributor and a reporter with the Columbia Free Times in Columbia, S.C., to discuss the story.
Chapter 3: Washington No Place for Obama's Focus on the Rational
President Obama is often considered stately, articulate and practical. His demeanor has been the fodder for much speculation about his real personality, how much of the true Obama we really see and even where his political positions truly lie. Georgetown University professor Stephen J. Wayne argues in polarized Washington, the president’s tendency for purely rational arguments, his avoidance of socializing with other politicians and his default for negotiation have both hurt and helped his presidency and his policy goals. We speak with Wayne, who is an expert on the American Presidency and author of – among other books – “Obama For and Against Himself: The Legislative Presidency and Presidential Leadership,” to discuss Obama’s political tendencies.
Travelers around the country are seeing thousands of flight delays, many up to 2 hours, the result of furloughs the Federal Aviation Administration started earlier this week following sequestration cuts which went into effect last month. The FAA, like many other agencies, are requiring their 47,000 employees - including 13,000 air-traffic controllers – to take extra unpaid days off, one day for every two weeks in this case.
In addition to the inconvenience for travelers, per the Passenger Rights Act passed in 2011, airlines are expected to compensate them for delays and time spent on the tarmac. Airlines, as a result, are calling on the government to fix the furlough issue or, at least, give them exceptions while furloughs are in effect.
It’s one of the first obvious effects sequestration is having on the general population, but if you are expecting Washington to do anything about it, don’t hold your breath. Rather both parties are pointing fingers at each other.
Senator Pat Toomey argued the FAA could cut from less important areas. House Appropriations Committee Chairman Harold Rogers accused the administration of mishandling the situation.
Democrats counter Republicans could have avoided the situation and only they now have the power to abate the impact. White House Press Secretary Jay Carney said Congress botched the job and the FAA had no choice but to cut back in labor costs to absorb the sequestration cuts.
One thing everyone seems to agree on is that it will only get worse as we head into the summer travel season if no action is taken.
We talk to Jim Marinitti, an Air Traffic Controller at Miami International Airport and Bob King, Energy & Transportation Editor for POLITICO.
The we talk internet sales tax with Tracy Gordon, Fellow for Economic Studies at The Brookings Institution.
Chapter 1: Immigration Bill Sees First Markup in U.S. Senate
Comprehensive immigration reform took another step towards becoming reality today as the Senate judiciary committee started reviewing amendments to a bill intended to give a pathway to citizenship for the 11 million undocumented residents of the United States. We talk to Niels Lesniewski, Reporter for Roll Call where he covers the U.S. Senate.
Chapter 2: House Hearing on Benghazi Incident Reignites Debate Over Security
The debate over what happened in Benghazi , Libya, has reignited following testimony by Gregory Hicks, the deputy chief of mission in the US Embassy in Libya at the time. We talk with Susan Ferrechio, Chief Congressional Correspondent, The Washington Examiner.
Chapter 3: House Passes Labor Bill Providing for Compensatory Time Over Overtime Pay
The U.S. House of Representatives passed a bill that would allow companies to give employees who work overtime compensatory time off rather than require them to provide overtime pay. The bill will likely have a much harder time in the Democrat-dominated Senate. What are Republicans looking to get from this? We talk to Jack Rasmus, Political economist at Saint Mary’s College and author of “Obama’s Economy: Recovery for the Few.”
Chapter 1: House Ways and Means Holds Hearing Into IRS Scandal
House Ways and Means held their first hearing, earlier today into last week's revelations that the IRS had unduly applied stricter scrutiny when reviewing and granting 501(c)4 applications from conservative groups. Steve Miller the Acting IRS Commissioner who was ousted on Wednesday and the Treasury Department’s Inspector General for Tax Administration Russell George were grilled by House members for hours. Our reporter Dmitriy Shapiro gives us the latest.
Chapter 2: House Group Agrees to Immigration Reform Framework
A group in the House has come up with the basic framework for an immigration reform proposal, giving further negotiations a base to work off of. Meanwhile, the Senate Judiciary Committee has been working through 300 amendments in the markup of their own bill. We get an update from Peggy Orchowski, Congressional Correspondent for Hispanic Outlook and author of Immigration and the American Dream: Battling the Political Hype and Hysteria.
Chapter 3: Groups Push to SEC to Require Corporations to List Political Donations
Following the IRS targeting conservative groups applying for tax exempt status, new attention is being placed on supposedly non-political groups engaging in political activities. In the case of the IRS, the question is the tax status of so-called social welfare organizations designated as 501c4’s. But the Securities and Exchange Commission is now considering a petition that they force companies to disclose their political contributions. SEC officials have said they are not currently seriously considering a rule, but a number of groups are renewing the call such as Public Citizen. We talk to Lisa Gilbert, Director of Public Citizen’s Congress Watch Division.
Chapter 1: Farm Bill and Food Stamps
Another fight concerning the Farm Bill has erupted over reapplying more stringent work standards for those receiving food stamps. In particular, those designated able-bodied and work capable individuals between the ages of 16 and 59 are expected to either work or perform some kind of job training while they receive assistance. Those requirements have been largely relaxed since the beginning of the recession, but now some legislators want to bring them back calling it a fair deal for those who receive assistance for a longer period of time. However, critics of the suggestion note that, despite the improvement of the economy overall, the unemployment rate has not significant decreased and many who rely on the assistance still lack jobs. We talk to Rachel Van Dongen , Congressional Editor for POLITICO.
Chapter 2: Supreme Court to Consider Whether Government Can Withhold Funding from Anti-HIV Organizations that Promote Legalizing Prostitution
The United States Supreme Court today heard the case of USAID v. Alliance for an Open Society, in which they are being asked to decide whether the federal government can refuse funding to non-profits that promote strategies they disagree with. In 2003 Congress passed the United States Leadership Against HIV/AIDS, Tuberculosis and Malaria Act which included language that would rescind funding from organizations that promote the legalization of prostitution as a way of curbing HIV-infections. Such organizations filed suit claim this is essentially censorship, a ban of their right to free speech. We talk to Megan Brown, a Partner at Wiley Rein who wrote a brief on behalf of the Rutherford Institute.
Chapter 3: Update on the Keystone XL Pipeline
We talk to Joe Duggan, Reporter with Omaha World-Herald
Chapter 1: CBO Revises Budget Deficit Down $200 Billion
The Congressional Budget Office has revised its deficit forecast for this year by $200 billion, dropping its estimate to $642 billion. This puts the budget on track for its smallest deficit since 2008 when the economic crash reduced tax revenues and spurred stimulus spending. The CBO credited an increase in tax revenues along with a cash return from mortgage giants Fannie Mae and Freddie Mac. Additionally, they predict the deficit will continue to shrink to below 3 percent of the entire economy within the next two or three years, a point generally considered as economically sustainable. This has led some analysts to suggest high deficits are a thing of the past. We talk to Mark Rom, Professor at Government at Georgetown University.
Chapter 2: Judiciary Approves Farm Bill with $20 Billion in Cuts to Food Stamps
The Senate Agriculture Committee yesterday finally approved a five-year farm bill designed to cut spending through a combination of cuts in in Supplemental Nutrition Assistance along with decreases in farm subsidies. About $400 million of the $2.4 billion in proposed savings comes from cuts in SNAP – popularly known as food stamps – eliciting outcry from a number of Democratic Senators such as Kristen Gillibrand of New York. Much of the rest comes from cuts in direct payments to farmers, a controversial program that, critics say, end up costing the government more for food production than the production is worth. We talk to Bruce A. Babcock, Professor of Economics at Iowa State University.